Acquisitions

Pine-Run-Retirement-Community-Doylestown-Pennsylvania

Presbyterian Senior Living Agrees to Acquire 532-Unit Community in Doylestown, Pennsylvania

by Taylor Williams April 13, 2023

DOYLESTOWN, PA. — Presbyterian Senior Living (PSL) has entered into a non-binding letter of intent to acquire Pine Run Retirement Community, a 532-unit continuing care retirement community (CCRC) in Doylestown, about 25 miles north of Philadelphia. Pine Run features 272 independent living cottages and 24 apartments on a 43-acre campus. The development is home to Pine Run Health Center, which offers rehabilitation services and 90 skilled nursing beds; a 40-bed memory care neighborhood on the top floor known as The Garden; and an intimate setting for palliative services known as The Willows. If the deal closes, PSL will assume ownership of Pine Run from Doylestown Hospital. PSL intends to continue operating Pine Run as a CCRC.

April 13, 2023

Acquisitions Healthcare Texas

Partners Real Estate Arranges Sale of 40,000 SF Medical Office Building in Metro Houston

by Taylor Williams April 12, 2023

STAFFORD, TEXAS — Locally based brokerage firm Partners Real Estate has arranged the sale of a 40,000-square-foot medical office building located at 4915 S. Main St. in Stafford, a southwestern suburb of Houston. According to LoopNet Inc., the property was built on 3.4 acres in 1980. Chris Caudill and Devin Hawkins of Partners represented the seller in the transaction. John Baddour of High Street Net Lease Group represented the buyer.

April 12, 2023

Acquisitions Healthcare New York Northeast

Atkins Cos., Denholtz Properties Acquire 490,000 SF Healthcare Facility in Chappaqua, New York

by Taylor Williams April 12, 2023

CHAPPAQUA, N.Y. — A partnership between two New Jersey-based firms, Atkins Cos. and Denholtz Properties, has acquired Medical Offices at Chappaqua Crossing, a 490,000-square-foot healthcare complex located about 30 miles north of Manhattan. The sales price was $40 million. Northwell Health’s Northern Westchester Hospital anchors the 59-acre facility, which is located within a larger mixed-use development. Jeffrey Dunne, David Gavin, Steve Bardsley and Travis Langer of CBRE represented the seller, a joint venture between Summit Development and Crestline Investors, in the transaction.

April 12, 2023

Acquisitions Northeast Pennsylvania Retail

Friedman Real Estate Negotiates Sale of 150,000 SF Retail Property in Pittsburgh

by Taylor Williams April 12, 2023

PITTSBURGH — Friedman Real Estate, a brokerage firm with five offices across the country, has negotiated the sale of a 150,000-square-foot retail property in Pittsburgh. The property, which is located within Washington Crown Center Mall and formerly housed a Macy’s department store, was fully occupied at the time of sale by M@C Discount, which specializes in reselling returned retail items. Steven Silverman of Friedman Real Estate represented the undisclosed buyer in the transaction. Additional terms of sale were not disclosed.

April 12, 2023

Acquisitions Hospitality New York Northeast

Muroff Hospitality Arranges Sale of 13-Unit Property in Lake Luzerne, New York

by Taylor Williams April 12, 2023

LAKE LUZERNE, N.Y. — Boutique brokerage firm Muroff Hospitality Group has arranged the sale of Hide-A-Way Waterfront Cottages, a 13-room property located in the upstate New York community of Lake Luzerne. The waterfront property sits on 3.8 acres and offers one- to three-bedroom cottages with full kitchens. Mitch Muroff of Muroff Hospitality Group represented the buyer and seller in the $1.8 million transaction.

April 12, 2023

Acquisitions Industrial Kentucky Southeast

MAG Capital Partners Buys 75,469 SF Industrial Facility in Carrollton, Kentucky in Sale-Leaseback Transaction

by John Nelson April 12, 2023

CARROLLTON, KY. — MAG Capital Partners LLC has acquired a 75,469-square-foot industrial facility located at 3356 U.S. Highway 42 E in Carrollton. The Dallas-based investment firm purchased the asset in a sale-leaseback with the tenant, DRC Industries, a regional converter and distributor of paper products and other packaging materials. Forest Bender of Marcus & Millichap represented the seller in the transaction, the sales price of which was not disclosed. Built in 1992 along the Ohio River, the warehouse has three drive-in doors, nine docks and 20-foot clear heights. The property is proximate to DRC’s production facility located where the Ohio and Kentucky rivers meet.

April 12, 2023

Acquisitions Affordable Housing Georgia Multifamily Southeast

GREA Arranges $6.5M Sale of Affordable Housing Community in Douglasville, Georgia

by John Nelson April 12, 2023

DOUGLASVILLE, GA. — GREA (Global Real Estate Advisors) has arranged the $6.5 million sale of Douglasville Proper, a 100-unit affordable housing community located at 8424 Chicago Ave. in Douglasville, a suburb of Atlanta. Cory Caroline Sams and Taylor Brown of GREA represented the seller, Signature Management, in the transaction. The buyer, S & S Capital Partners, plans to preserve the affordability of the LIHTC property during its ownership. Built in 1995, Douglasville Proper features one-, two- and three-bedroom floor plans.

April 12, 2023

Acquisitions Retail Western

Hanley Arranges Sales of Three Walgreens-Occupied Properties Totaling $22.6M

by Jeff Shaw April 12, 2023

CORONA DEL MAR, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sales of three single-tenant properties totaling $22.6 million. Each of the properties is leased to Walgreens. Kevin Fryman and Ed Hanley of Hanley, in association with ParaSell Inc., arranged the sale of the first property, located in Minneapolis, on behalf of the seller, a California-based private investor. A New York-based private investor purchased the 14,535-square-foot building for $6.6 million. Located in Sugar Grove, Illinois, the second property comprises 14,739 square feet. Bill Asher, Jeff Lefko and Jeremy McChesney of Hanley, in association with ParaSell Inc., arranged the $6.6 million transaction on behalf of the seller, a private investor based in California. Isaiah Harf of Northmarq represented the Chicago-based 1031-exchange buyer. Brad Dessy and Matt Burnett of Hanley, in association with ParaSell Inc., represented the buyer, a California-based private investor, in the third transaction. The 17,325-square-foot property, located in metro Miami, sold for $9.4 million.

April 12, 2023

Acquisitions Colorado Multifamily Western

Marcus & Millichap Negotiates $3.8M Sale of Woodlawn Apartments in Littleton, Colorado

by Jeff Shaw April 12, 2023

LITTLETON, COLO. — Marcus & Millichap has arranged the sale of the 24-unit Woodlawn Apartments in Littleton. A limited liability company bought the asset from another LLC for $3.8 million. The community is located at 1085 West Lilley Ave. All units are one-bedroom apartments with high-speed internet access, updated windows and floors, air conditioning, heating, refrigerators and ovens. The 1950s-built property also offers 24 surface parking spaces. Greg Price and Spencer Shaffer of Marcus & Millichap’s Denver office represented the seller, while the firm’s Boomer Beatty represented the buyer.

April 12, 2023

Acquisitions Colorado Multifamily Western

Pinnacle Brokers $3.7M Sale of Apartment Building in Denver

by Jeff Shaw April 12, 2023

DENVER — Pinnacle Real Estate Advisors has negotiated the sale of a 24-unit apartment building in Denver for $3.7 million. The community is located at 1400 W. Mississippi Ave. It was built in 1963. The sale represented a per-unit price of $154,167, or $208.97 per square foot. Josh Newell of the Newell Team at Pinnacle Real Estate Advisors represented the undisclosed seller, while the firm’s Connor Knutson and Jake Waxter represented the undisclosed buyer.

April 12, 2023

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